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Gold Prices Rise Amid Rate Cut Expectations and Geopolitical Tensions #

Gold prices have edged higher in early European trading, driven by optimism around further U.S. rate cuts and demand for safe-haven assets amid heightened geopolitical tensions in the Middle East. Futures are trading 0.4% higher at $2,678.20 a troy ounce.

Optimism over the economic backdrop is improving, supporting the broader commodities complex. China’s central bank announced new stimulus measures to support the struggling property market following a string of aggressive monetary policy measures earlier last week. Additionally, the latest U.S. data showed the economy bounced back from the pandemic in a stronger shape than previously estimated.

Three-month copper is up 0.2% at $9,990.00 a metric ton.

BHP Forecasts Significant Increase in Copper Demand by 2050 #

Mining giant BHP expects world copper demand to rise by roughly 70% to more than 50 million metric tons a year by 2050. This projection is based on the metal’s role in existing and emerging technologies, as well as global climate goals for a shift to clean energy.

BHP, which is seeking to expand its copper-mining business, estimates that the world will need approximately 10 million tons a year of new mine supply in the next decade. The company suggests that bridging this gap will require a cumulative investment of about a quarter of a trillion dollars, representing a significant increase compared to investments over the previous decade.

The mining company views this as a formidable challenge that will necessitate substantially more global investment in the coming years.